Global Legal Insights

Blockchain & Cryptocurrency Regulation

Buch | Hardcover

600 Seiten

2023 | 6th Revised edition
Global Legal Group Ltd (Verlag)
978-1-83918-306-5 (ISBN)

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Regulatory clarity in the digital assets (or crypto) space continues to remain elusive. Nevertheless, interest in regulating digital assets and crypto has never been higher among policymakers and regulators. In the U.S., 2023 saw its most voluminous introduction of bills aimed at regulating the digital asset space. While it is still early days, some U.S. regulators already appear to be approaching digital assets from different and almost combative perspectives (e.g., the Commodities Futures Trading Commission and the Securities Exchange Commission (SEC)). Others, however, appear to be doubling down on their historic approach (e.g., the Department of Justice charging the founders of Tornado Cash with, among other charges, conspiracy to violate money laundering sanctions, a year after placing the virtual currency mixer on OFAC’s SDN List). All of this ensures that providing sound legal counsel in this space will continue to be a challenge. Now in its sixth edition, this publication is dedicated to assisting counsel overcome this challenge, whether advising clients in the U.S. or elsewhere.
The last year has seen a number of developing trends. First, governments around the world are introducing new laws to adequately regulate the blockchain technology industry. In the United Kingdom, the country’s Financial Conduct Authority is launching a crackdown on cryptocurrency companies that violate new stringent marketing and reporting standards. Meanwhile, in the U.S., the SEC is locked in litigious battles with both Coinbase and Ripple, the two biggest cryptocurrency exchanges in the world. Under Chairman Gary Gensler, the regulator’s stance appears to be that most crypto tokens are securities and that crypto firms need to first register, or at least talk to regulators, before selling them. Second, Decentralized Finance, or DeFi, has attracted attention from investors and regulators, as the latest and arguably most innovative development in the crypto area. Sitting at the juncture of finance and blockchain technology, DeFi refers to a suite of financial services and products built upon decentralized blockchain networks. What sets DeFi apart is its exclusion of intermediaries, such as banks or traditional financial institutions. In April 2023, the total value locked up in DeFi applications was US$52 billion. Finally, as mainstream consumer confidence in blockchain technology wavers, the value of non-fungible tokens (NFTs) has cratered. In January 2022, Justin Bieber bought a “Bored Ape” NFT for around US$1.3 million, but it is now worth around US$37,000, down 97%, and still dropping. Furthermore, many NFT companies that published “roadmaps” delineating the company’s future plans to increase the value of their NFTs have been targeted by regulators for violating securities and consumer protection laws.
While no publication can provide clarity on all the issues that might be relevant to a digital asset or blockchain engagement, our hope is that this publication frames many of the most significant issues that practitioners will confront. For many issues, clarity is particularly difficult to attain as a result of legislative and regulatory inaction and other gaps in official guidance. As the chapters in this publication reveal, practitioners will generally be well served to approach many of these issues from a technologically agnostic perspective. Laws and regulations serve to advance or implement policies, which are often equally applicable regardless of technology.
There are, however, some instances when a certain aspect of a technology may raise its own unique considerations. For example, “layer 2 blockchain” refers to any off-chain network, system, or technology built on top of a blockchain that helps extend the capabilities of the underlying base layer network (L2 blockchains). New L2 blockchains typically start centralized and aim to gradually become decentralized as adoption increases. Yet, for its creator, the L2 blockchain’s native tokens may be considered securities while the blockchain is not sufficiently decentralized. Additionally, many of these L2 blockchains purport to settle transactions between anonymous parties, which will certainly attract governmental scrutiny because of its circumvention of AML/KYC regulations. Hopefully, after digesting the chapters of this publication, the reader will be better able to identify the issues presented by a given engagement and more easily able to properly frame those issues to his or her clients.

Preface
Josias N. Dewey, Holland & Knight LLP
Glossary
The Contributing Editor shares key concepts and definitions of blockchain
Foreword
Daniel C. Burnett, Enterprise Ethereum Alliance
Industry chapter
1 A look at crypto’s horrible, no-good year, and what the future may hold
Ron Quaranta, Wall Street Blockchain Alliance
Expert analysis chapters
9 Blockchain and intellectual property: A case study
Ieuan G. Mahony, Brian J. Colandreo & Jacob Schneider, Holland & Knight LLP
25 Cryptocurrency and other digital asset funds for U.S. investors
Gregory S. Rowland & Trevor Kiviat, Davis Polk & Wardwell LLP
40 Layer-2 sequencing demystified: A lawyer’s introduction
Angela Angelovska-Wilson & Tom Momberg, DLx Law
Michael Mosier, Arktouros PLLC
60 Legal considerations in the minting, marketing and selling of NFTs
Stuart Levi, Eytan Fisch, Alex Drylewski & Dan Michael, Skadden, Arps, Slate, Meagher & Flom LLP
81 Cryptocurrency compliance and risks: A European KYC/AML perspective
Fedor Poskriakov & Christophe Cavin, Lenz & Staehelin
99 The regulation of stablecoins in the United States
Douglas Landy, Leel Sinai, Stephen Hogan-Mitchell & Chanté Eliaszadeh, White & Case LLP
115 Stoned Cats, Ripples, and Krakens, oh my! SEC regulation of digital assets by enforcement
Richard B. Levin, Kevin R. Tran & Bobby Wenner, Nelson Mullins Riley & Scarborough LLP
137 MiCAR and Morrison: Navigating opportunities and challenges for U.S. digital asset companies in the EU and in the UK
Matthew C. Solomon, Laura Prosperetti, Bernardo Massella Ducci Teri & Andreas Wildner, Cleary Gottlieb Steen & Hamilton LLP
147 Trends in the derivatives market and how recent fintech developments are reshaping this space
Jonathan Gilmour & Tom Purkiss, Travers Smith LLP
157 Blockchain taxation in the United States
David L. Forst & Sean P. McElroy, Fenwick & West LLP
168 Blockchain-driven decentralisation, disaggregation, and distribution – industry perspectives
Marcus Bagnall, Nicholas Crossland, Ben Towell & Cecilia Lovell, Wiggin LLP
185 OFAC sanctions and digital assets: Regulation, compliance, and recent developments
David M. Stetson, Evan T. Abrams, Andrew C. Adams & Sophia Breggia, Steptoe & Johnson LLP
199 False friends and creditors: The saga of recent crypto insolvencies
Stephen Rutenberg, David Brill & Michael DiPietro, Polsinelli
Jurisdiction chapters
Australia Peter Reeves, Robert O’Grady & Emily Shen, Gilbert + Tobin 210
Austria Ursula Rath, Thomas Kulnigg & Dominik Tyrybon, Schönherr Rechtsanwälte GmbH 224
Bermuda Steven Rees Davies, Charissa Ball & Alexandra Fox, Carey Olsen 232
Brazil Luiz Felipe Maia, Flavio Augusto Picchi & André Napoli, Maia Yoshiyasu Advogados 245
British Virgin Islands Chris Duncan & Katrina Lindsay, Carey Olsen 264
Canada Alix d’Anglejan-Chatillon, Ramandeep K. Grewal & Éric Lévesque, Stikeman Elliott LLP 272
Cayman Islands Chris Duncan & Alistair Russell, Carey Olsen 284
Cyprus Akis Papakyriacou, Akis Papakyriacou LLC 292
France Hubert de Vauplane, Victor Charpiat & Morgane Fournel Reicher, Kramer Levin Naftalis & Frankel LLP 301
Gibraltar Jay Gomez, Javi Triay & Johnluis Pitto, Triay Lawyers Limited 311
Hong Kong Gaven Cheong & Esther Lee, Tiang & Partners, Peter B. Brewin & Duncan G Fitzgerald, PwC Hong Kong 318
India Nishchal Anand, Pranay Agrawala & Dhrupad Das, Panda Law 330
Ireland Keith Waine, Karen Jennings & David Lawless, Dillon Eustace LLP 342
Israel Uri Zichor, FISCHER (FBC & Co.) 353
Italy Massimo Donna & Chiara Bianchi, Paradigma – Law & Strategy 363
Japan Takeshi Nagase, Takato Fukui & Keisuke Hatano, Anderson Mōri & Tomotsune 371
Liechtenstein Matthias Niedermüller & Giuseppina Epicoco, Niedermüller Attorneys at Law 384
Lithuania Vladimiras Kokorevas, Gofaizen & Sherle UAB 395
Mexico Carlos Valderrama & Arturo Salvador Alvarado Betancourt, Legal Paradox® 405
Netherlands Ilham Ezzamouri & Robbert Santifort, Eversheds Sutherland 417
Norway Ole Andenæs, Snorre Nordmo & Karoline Angell, Wikborg Rein Advokatfirma AS 438
Poland Mihhail Šerle, Gofaizen & Sherle Sp. z o.o. 450
Portugal Filipe Lowndes Marques, Vera Esteves Cardoso & Ashick Remetula, Morais Leitão, Galvão Teles, Soares da Silva & Associados 457
Romania Sergiu-Traian Vasilescu, Luca Dejan & Bogdan Rotaru, VD Law Group, Flavius Jakubowicz, JASILL Accounting & Business 471
Singapore Kenneth Pereire & Lin YingXin, KGP Legal LLC 485
Spain Alfonso López-Ibor Aliño & Olivia López-Ibor Jaume, López-Ibor Abogados, S.L.P. 495
Sweden Anders Bergsten, Carl Johan Zimdahl & Carolina Sandell, Mannheimer Swartling Advokatbyrå AB 504
Switzerland Daniel Haeberli, Stefan Oesterhelt & Alexander Wherlock, Homburger 510
Taiwan Robin Chang & Eddie Hsiung, Lee and Li, Attorneys-at-Law 525
Thailand Jason Corbett & Don Sornumpol, Silk Legal Co., Ltd. 532
Turkey/Türkiye Alper Onar & Emre Subaşı, Aksan Law Firm 538
United Kingdom Charles Kerrigan, Christina Fraziero, Olivia Hamilton-Russell & Antonia Bain, CMS LLP 552
USA Josias N. Dewey & Samir Patel, Holland & Knight LLP 567

Erscheinungsdatum	03.11.2023
Reihe/Serie	Global Legal Insights - Blockchain & Cryptocurrency Regulation ; 6
Verlagsort	London
Sprache	englisch
Maße	156 x 246 mm
Themenwelt	Recht / Steuern ► Allgemeines / Lexika
	Recht / Steuern ► EU / Internationales Recht
	Recht / Steuern ► Wirtschaftsrecht ► Bank- und Kapitalmarktrecht
	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
ISBN-10	1-83918-306-3 / 1839183063
ISBN-13	978-1-83918-306-5 / 9781839183065
Zustand	Neuware